COUNTRIES LEGALIZING BITCOIN
A few countries have accepted bitcoin and have decided to actually create laws that govern bitcoin transactions. The first country to completely accept bitcoin was Japan. Starting on the 1st of April, bitcoin was considered a legal form of payment in Japan, with several public institutions accepting it as currency. The laws governing banking have yet to change, but these are also being considered in order to make bitcoin even more usable.
COUNTRIES PRESENTLY TRADING BITCOIN
These are those countries with set laws regarding bitcoin, although they don’t take it as an actual currency as Japan does. Most countries around the world fall into these category. In the US, for example, the CFTC has classified bitcoin as a commodity while the US Treasury Department sees it as a money service business (MSB). None of these financial regulators considers it as a currency, but it should still be reported under tax returns.